C2 (NASDAQ:CTOO)
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C2, Inc. Awarded Sixth Long-Term Dedicated Facility Contract With Major Food
Company
MILWAUKEE, Oct. 29 /PRNewswire-FirstCall/ -- C2, Inc. announced today that its
subsidiary, Total Logistic Control (TLC), a leading provider of third party
logistics and dedicated facility operations, has been awarded a 10-year contract
from a Fortune 100 Food Company to staff and operate a newly constructed
refrigerated distribution facility, located in York, Pennsylvania. Start-up of
the facility is under way with operations expected to commence early in the
first quarter of 2004. This contract is the sixth long-term management contract
with this customer to operate both dedicated refrigerated and dry distribution
centers.
Under the new agreement, TLC provides turnkey management and staffing of the
390,000 sq. ft. facility for a 10-year term. The TLC operations team will
provide warehousing and distribution services for its client's diverse family of
retail products destined for grocery stores throughout the northeast region.
Commenting on the announcement, William T. Donovan, C2 President and CEO, said,
"This award is another important win for our team and it further confirms TLC's
capabilities to develop and execute logistics programs that enhance its client's
supply chain. This award is the sixth long-term facility management contract we
have with this customer. It demonstrates the importance of the relationship we
have with this client which has grown tremendously over the past year. TLC
provides facility management services in both dedicated refrigerated and
non-refrigerated facilities for this client. We continue to view Dedicated
Facility Management Services as a major growth opportunity for our Company. We
have been successful in developing a significant presence in this field and we
are actively developing a number of additional projects."
Including this award, TLC has executed 9 long-term contracts in its Dedicated
Facility Management Services division for both food and non-food distribution,
fulfillment and manufacturing. This division of TLC specializes in engineering
customized logistics solutions to deliver cost savings, operational efficiency,
and inventory control. TLC is the nation's only third party provider offering a
full array of supply chain management services, multi-temperature warehousing,
transportation, procurement/distribution and contract manufacturing/packaging
services.
C2, Inc. is a Milwaukee-based public company with two operating businesses,
Total Logistic Control and Zero Zone.
Total Logistic Control
TLC, based in Zeeland, Michigan, is a national provider of integrated logistic
services which include refrigerated and dry warehousing, transportation
operations, supply chain management, dedicated third-party facility and
operations management, food distribution, bottling and packaging and fulfillment
services. Operations are conducted through a national network of 41 logistic
centers with 36.3 million cubic feet of refrigerated capacity and over 3 million
square feet of dry warehouse space making it the eleventh largest provider of
refrigerated warehousing services in the United States. TLC operates a fleet of
over 425 tractors with over 700 refrigerated and dry trailers with 3 maintenance
facilities. TLC recently was cited by Inbound Logistics as a Top 10 Provider of
Third Party Logistics Excellence for the sixth year in a row. TLC is a
wholly-owned subsidiary of C2, Inc. More information about TLC is available at
http://www.totallogistic.com/ .
Zero Zone
Zero Zone, headquartered in North Prairie, Wisconsin is a manufacturer of
refrigerated and freezer display cases used in grocery, convenience and drug
store chains for retail merchandising of food, beverage and floral products. In
2002, Zero Zone acquired Zero Zone Refrigeration which manufactures
refrigeration houses and racks to power and control the refrigeration systems,
electrical panels, air conditioning and stand-by power for supermarkets,
convenience stores and industrial applications. Zero Zone is a wholly-owned
subsidiary of C2, Inc. More information about Zero Zone is available at
http://www.zero-zone.com/ .
The statements contained in this release that are not historical facts are
forward-looking statements. Actual results may differ materially from
management's expectations. The forward-looking statements involve risks and
uncertainties, including but not limited to:
-- Demand for and profitability of warehousing, transportation, logistic
services, refrigerated display cases and refrigeration control systems
may be adversely affected by increases in interest rates, adverse
economic conditions, increased energy costs, loss of a material
customer or vendor, weather or other factors.
-- Growth in volume of services or products may be adversely affected by
reduced ability to identify and hire qualified employees.
-- The Company's profitability may be adversely affected by increases in
interest rates because a significant portion of the Company's capital
structure is debt, a portion, which bears interest at variable interest
rates.
-- The Company's profitability may be adversely affected by performance,
which does not meet standards established in contractual agreements
relating to transportation operations, logistics management, dedicated
facility operations and product warranty.
-- Consolidation within the food industry or grocery, drug or convenience
retailers could negatively impact the Company's customers.
-- The Company's market share may be adversely affected as a result of new
or increased competitive conditions in warehousing, transportation or
display case and refrigeration control systems manufacturing.
Additional information about risks and uncertainties discussed above as well as
additional material risks in the Company's business may be found in the
Company's Annual Report on Form 10-K for the year 2002 and other filings the
Company made from time to time with the Securities and Exchange Commission.
This and other C2, Inc. news releases and additional corporate data can be found
on C2's website at http://www.c2-inc.com/ .
DATASOURCE: C2, Inc.
CONTACT: William T. Donovan, President and CEO of C2, Inc.,
+1-414-291-9000
Web site: http://www.totallogistic.com/
http://www.zero-zone.com/
http://www.c2-inc.com/